Jio Financial Services (JFSL) and Germany’s Allianz Group have signed a binding agreement to set up a 50:50 primary insurance joint venture focused on the general and health insurance segment, tapping into a ₹3.34 lakh crore market. The agreement formalises a partnership first announced in July 2025. The venture will look to deliver innovative and accessible products tailored to Indian consumers, leveraging technology-led distribution.
The venture will use JFSL’s digital distribution capabilities with Allianz’s underwriting expertise. Operations will begin after regulatory approvals are secured.
JFSL and Allianz are also working toward a separate binding agreement for life insurance business in India, Jio said.
“Insurance is not just a product, but it is the foundation upon which families build their futures with confidence and are able to pursue their ambitions without fear,” said Mukesh D Ambani, chairman, Reliance’s Industries, the owner of Jio. “Insurance for All by 2047 is a national mission and every institution that has been entrusted with the scale and trust of the Indian people has a duty to fulfil it.”
Source: Economic Times